Cybersecurity is a crucial concern for everyone, especially given the significant increase in cyberattacks. These attacks are becoming more frequent, sophisticated, and fast-paced. India, in particular, is experiencing a concerning rise in cyberattacks, with a 90% increase in the second quarter of 2023. This surge in attacks can be attributed to the growing adoption of hybrid cloud and digital transformation efforts in the region, making it a prime target for cyber threats.
According to the IBM Security X-Force Threat Intelligence Index 2023, Asia Pacific, including India, witnessed the highest number of cyberattacks globally for the second year in a row, accounting for 31% of total incidents. The most common type of attack observed by X-Force was the deployment of backdoors, which allow remote access to systems. Other prevalent attack methods included ransomware and phishing for initial access.
These cyberattacks have a significant impact on businesses, affecting their reputation and bottom line. In India, the average cost of a data breach has reached a record high of INR 179 million in 2023, marking a 28% increase since 2020, as revealed in IBM’s 2023 Cost of a Data Breach report. As the number and complexity of cyber threats continue to grow, investing in cybersecurity is crucial for Indian organizations to ensure robust protection.
Many businesses, regardless of their size, recognize the importance of having a strong security strategy, including a robust Security Operations Center (SOC). Some invest in expensive security infrastructure and establish internal security teams. However, these teams often lack the expertise, skills, and resources to effectively combat increasingly sophisticated threats. This is where Managed Security Service Providers (MSSPs) come in.
MSSPs, like eSec Forte, offer specialized cybersecurity services and scalability at a more affordable cost compared to setting up an in-house security team. With their domain expertise, round-the-clock monitoring and management, threat detection, and incident response capabilities, MSSPs help organizations stay resilient against cyber threats.
eSec Forte has chosen the IBM Security QRadar Suite as the core solution for its comprehensive SOC offering. This solution enables effective monitoring, management, and protection of hybrid and multicloud environments, addressing compliance challenges. The QRadar Suite offers various advanced features, ease of deployment, and customized use cases that align with eSec Forte’s specific requirements.
The migration to IBM Security QRadar has proven successful for eSec Forte, with the SOC expanding rapidly within a year. The platform has enabled them to handle over 1000 event sources, including firewalls, DLP, WAF, SaaS applications, and cloud deployments. eSec Forte’s SOC has also demonstrated compliance for audits such as PCI and RBI.
Moving forward, as India addresses the policy vacuum with the new Digital Personal Data Protection Act 2023, businesses need to prioritize cybersecurity in their strategies. MSSPs like eSec Forte can help bridge the skill gap and reduce the costs associated with securing businesses. By leveraging the scalability and AI capabilities of IBM Security QRadar, MSSPs can enhance their security offerings and expand their customer base.
In conclusion, cybersecurity is a critical aspect of business strategy in India, and MSSPs play a vital role in providing robust security solutions. With the right combination of planning, upgrading, and upskilling, businesses can prepare themselves for the future and stay protected against evolving cyber threats.
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